The Fort Worth Press - EU struggles to break deadlock on Russian oil ban before summit

USD -
AED 3.673021
AFN 64.497229
ALL 80.969857
AMD 361.359899
ANG 1.789785
AOA 916.999462
ARS 1524.242503
AUD 1.43287
AWG 1.8
AZN 1.767659
BAM 1.74212
BBD 2.012426
BDT 123.598208
BGN 1.747831
BHD 0.37765
BIF 2995
BMD 1
BND 1.278237
BOB 11.675159
BRL 5.035301
BSD 0.999132
BTN 94.798398
BWP 13.69985
BYN 2.981094
BYR 19600
BZD 2.009486
CAD 1.41079
CDF 2313.4971
CHF 0.826275
CLF 0.024929
CLP 981.119726
CNY 6.691202
CNH 6.68239
COP 3169.79
CRC 453.826798
CUC 1
CUP 23.980333
CVE 98.217189
CZK 21.708991
DJF 177.719659
DKK 6.667798
DOP 61.451444
DZD 134.429052
EGP 53.903801
ERN 15
ETB 163.206182
EUR 0.89185
FJD 2.25795
FKP 0.750648
GBP 0.751597
GEL 2.589901
GGP 0.750648
GHS 11.685001
GIP 0.750648
GMD 73.5026
GNF 8844.094881
GTQ 7.639034
GYD 209.00734
HKD 7.8477
HNL 26.820882
HRK 6.721898
HTG 130.705681
HUF 323.61018
IDR 18050.8
ILS 3.1035
IMP 0.750648
INR 94.960045
IQD 1514.774979
IRR 1795877.505993
ISK 121.489667
JEP 0.750648
JMD 158.78431
JOD 0.709004
JPY 158.505501
KES 129.800372
KGS 87.450258
KHR 4068.089503
KMF 440.000136
KPW 899.999961
KRW 1333.42954
KWD 0.31095
KYD 0.83268
KZT 451.722955
LAK 22482.018394
LBP 89478.016105
LKR 331.122819
LRD 170.366279
LSL 16.42449
LTL 2.95274
LVL 0.604891
LYD 6.412478
MAD 9.77184
MDL 17.816041
MGA 4529.360679
MKD 54.914955
MMK 2099.513869
MNT 3596.411813
MOP 8.077478
MRU 40.003029
MUR 47.260194
MVR 15.460261
MWK 1732.62013
MXN 18.42063
MYR 4.082503
MZN 63.899405
NAD 16.424417
NGN 1330.469855
NIO 36.770142
NOK 9.502095
NPR 151.676406
NZD 1.765462
OMR 0.384498
PAB 0.999132
PEN 3.447023
PGK 4.544503
PHP 63.006974
PKR 276.59385
PLN 3.89754
PYG 5763.047022
QAR 3.642032
RON 4.749959
RSD 104.749733
RUB 82.74982
RWF 1476.78686
SAR 3.763551
SBD 8.064647
SCR 14.026998
SDG 601.501546
SEK 9.911105
SGD 1.279645
SHP 0.754745
SLE 24.680013
SLL 20969.504398
SOS 571.064633
SRD 37.699323
STD 20697.981008
STN 21.822878
SVC 8.742551
SYP 13001.999685
SZL 16.419114
THB 33.593979
TJS 9.202594
TMT 3.51
TND 2.982711
TOP 2.40776
TRY 49.57293
TTD 6.778453
TWD 32.491104
TZS 2649.967991
UAH 45.052265
UGX 4156.255985
UYU 40.119539
UZS 12034.649387
VES 878.910596
VND 25894.5
VUV 118.97233
WST 2.787823
XAF 585.015161
XAG 0.017513
XAU 0.000241509726
XCD 2.70255
XCG 1.80082
XDR 0.707052
XOF 585.015161
XPF 106.228901
YER 236.150048
ZAR 16.43586
ZMK 9001.193572
ZMW 19.959203
ZWL 321.999592
SSP 5750.775019
MXV 2.079501
  • RIO

    -0.3300

    97.04

    -0.34%

  • CMSC

    -0.0400

    20.67

    -0.19%

  • RELX

    0.0000

    33.41

    0%

  • RBGPF

    0.0000

    67.95

    0%

  • BCE

    -0.0700

    21.99

    -0.32%

  • BCC

    -0.0300

    75.66

    -0.04%

  • GSK

    0.8600

    51.08

    +1.68%

  • JRI

    -0.0300

    11.52

    -0.26%

  • NGG

    -0.1200

    76.68

    -0.16%

  • CMSD

    0.0900

    20.54

    +0.44%

  • BTI

    -0.0800

    55.75

    -0.14%

  • AZN

    2.0200

    168.1

    +1.2%

  • BP

    -1.4200

    43.16

    -3.29%

  • RYCEF

    0.4600

    19.7

    +2.34%

  • VOD

    0.0700

    17.02

    +0.41%

EU struggles to break deadlock on Russian oil ban before summit
EU struggles to break deadlock on Russian oil ban before summit / Photo: © AFP/File

EU struggles to break deadlock on Russian oil ban before summit

Ambassadors from the 27 European Union member states on Sunday examined a compromise mooted to enable them to break the deadlock on a Russian oil embargo ahead of an emergency summit in Brussels.

Text size:

The bloc's officials fear the absence of an agreement would cast a shadow over the two-day meeting starting Monday between European leaders.

Ukrainian President Volodymyr Zelensky will address the gathering by video link to press the bloc to "kill Russian exports" three months after the invasion of Ukraine.

The latest round of proposed sanctions by the EU has been blocked by landlocked Hungary, which has no access to seafaring oil cargo ships.

Hungary is dependent for 65 percent of its oil needs on Russian crude supplied via the Druzhba pipeline, which runs from Russia to various points in eastern and central Europe.

Budapest has rejected as inadequate a proposal to allow it two years longer than other EU states to wean itself off Russian oil.

It wants at least four years and at least 800 million euros ($860 million) in EU funds to adapt its refineries to process non-Russian crude and boost pipeline capacity to neighbouring Croatia.

Slovakia and the Czech Republic, also supplied by the Druzhba pipeline, accepted exemptions of two and half years, diplomatic sources said.

The compromise solution put to national negotiators on Sunday consists in excluding the Druzhba pipeline from a future oil embargo and only imposing sanctions on oil shipped to the EU by tanker vessel, European sources said.

The Druzhba pipeline accounts for a third of all EU oil supplies from Russia. Maritime cargos account for the remaining two thirds.

- No agreement -

The compromise was tabled by France, which currently holds the rotating EU presidency, and by the European Council, which represents the governments of the EU nations.

Oil pumped in via the Druzhba pipeline would be excluded "for the time being", said one EU official.

The aim is to break a stalemate that has, since early May, prevented the EU from imposing a sixth round of sanctions on Moscow over its war in Ukraine.

The proposal envisages ending the purchases of Russian crude within six months and Russian petroleum products by the end of the year.

It would also impose additional sanctions on Russian banks and expand the list of Russian individuals blacklisted by the bloc.

Yet EU ambassadors did not find agreement on the compromise, with one EU official saying a "difficult and complex discussion" failed to bridge disaccord.

Another EU official said the mooted compromise raised questions of fairness on the sanctions burden shouldered by member states.

An EU diplomat said it was hoped an agreement could still be reached in time for Monday's summit, though that was far from certain.

"It might not work, it might work, but I think we have a duty to try," the official said.

"There is a willingness from all member states to work on oil and to ban (Russian) oil from from European markets. The question is, how to do it and how to cater for national specificities," he added.

"To be frank, the question of sanctions will be in the room" when EU leaders meet, the official said.

Another option under consideration would be to postpone the entire package of new sanctions until a solution can be found to provide Hungary with alternative oil supplies, the sources said.

The EU wants to cut funding for the Kremlin's war effort. Last year's bill for Russian oil imports was 80 billion euros ($86 billion), four times greater than it was for gas in 2021.

L.Rodriguez--TFWP